Developer Sidney Torres IV and restaurateur Hicham Khodr have formed a joint venture to purchase the New Orleans Board of Trade property in the Central Business District, reports CityBusiness.

According to the Orleans Parish conveyance records, the transaction closed last week at a sales price of $3 Million.

The building has been used primarily as a wedding and events venue, with Pigéon Catering as the catering partner. The building also houses the offices for the Board of Trade.

The owners plan to continue using the space for special events.

According to City Business, the deal unfolded as follows:

The Board of Trade gave Pigéon first option to buy the property. Torres said the family-owned catering business didn’t want to buy the property and instead approached him and Khodr about an investment opportunity.

Pigéon exercised its option to buy and then sold the property to Torres and Khodr.

Torres, through his private investment firm IV Capital, said he has loaned about $15 million to businesses in the CBD and French Quarter, including to Khodr.

The new owners plan on revamping the space and adding modern amenities. They will also be kicking out the Board of Trade, which will have to relocate.

For those that don’t know Torres and Khoder have been very active investing in F&B and hospitality throughout New Orleans. CityBusiness provides a nice recap of their past ventures:

For Torres, the deal is the first major transaction he has made in the city since selling three boutique hotels in the French Quarter and Marigny to developer Joe Jaeger a year ago.

Torres sold his garbage hauling business, SDT Waste and Debris, to Progressive Waste Services in 2011 for an undisclosed sum, and he bought a 32-acre resort in the Bahamas in 2012.

Khodr’s portfolio includes Camellia Grill, NOLA Restaurant, Salu and Mahony’s Po-Boy Shop. He is also a partner in the Byblos restaurants in Metairie and New Orleans.